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what is the process of correcting the balance sheet of the
company?if the balance of balance sheet are not equal.
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Answer / nagalakshmi.k
ans:balance sheet means tally or equal both sides balances
of assets and liabities side.If entering of all assets and
liabilities the balance of balance sheets are not equal
then the remaining balance are converted or transferred
into surplus or deficit. If the balance is not equal in
assest side the balance shows as surplus and the
liabilities balance are shown as deficit.
| Is This Answer Correct ? | 17 Yes | 10 No |
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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